Thu, 11 Sep 2025

Thu, 11 Sep 2025 When is the Budget and what might be in it?

Chancellor Rachel Reeves will set out her economic plans in her second Budget on 26 November.
The Chancellor Rachel Reeves will deliver the Budget on November 26, where she will outline plans for raising or lowering taxes and spending on public services like healthcare, schools, and police.
* The government faces a £10bn shortfall in meeting its own fiscal rules, which may lead to tax hikes.
* Labour promised not to increase income tax, National Insurance, or VAT for working people before the 2024 general election.
* Options being considered include extending the freeze on income tax thresholds, reforming property taxes, and changing capital gains tax rules. Other Possible Changes
* Pension rules: tax relief on pension contributions may be reduced, but this is unlikely as previous chancellors have resisted making changes.
* Isa reform: reform of cash Isas is possible, with measures to encourage people towards personal investment.
* Online gaming and bank profits taxes: the TUC has called for higher taxes on these sectors. Economic Outlook
* The UK economy grew by 0.3% between April and June, but inflation remains above target at 3.8%.
* Interest rates have been cut to 4%, making borrowing cheaper but potentially affecting savers' returns.
* Beef prices are at an historic high, contributing to rising meat costs.
  >>